Gold Passes Long Term Support

Daily Forex Technicals |

Written by Dukascopy Swiss FX Group |

Mar 03 17 10:26 GMT

‘With (U.S. Federal Reserve) President Janet Yellen on the wires tonight, we look to see further weakness across the precious complex should she promote the potential for an interest rate increase in March.’ – Sam Laughlin, MKS PAMP Group (based on Reuters)

Pair’s Outlook

The yellow metal has suffered major losses and is still positioned to fall even further, as by the end of Thursday’s trading session a massive and strong support cluster was passed. During the early hours of Friday’s trading session the bullion attempted to break above the cluster near the 1,235 level, but it failed and began to decline. Due to that reason it can be assumed that the Bullion will continue lower, as the range down to the 1,219.20 level, where the 38.20% Fibonacci retracement level is located at, is free from any other support levels.

Traders’ Sentiment

SWFX traders are long on the bullion, as 54% of open positions are long. Meanwhile, 57% of trader set up orders are to buy the metal.

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Dukascopy Swiss FX Group

Legal disclaimer and risk disclosure

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.